The former managing director of Lehman Brothersâ private equity unit has been named president of New York Cityâs Economic Development Corporation.

Robert Leiber, who managed Lehman’s $2.8bn (€2.2bn) real estate merchant banking fund, was appointed to the position Tuesday by Mayor Michael Bloomberg. Leiber replaces Andrew Alper, a former chief operating officer of Goldman Sachs who resigned in June after four years as EDC president.

In his new role, Leiber will oversee the development of commercial and industrial real estate, supporting and promoting New York City's business community, attracting companies to the city and promoting the economic revitalisation of the city's waterfront, industrial zones and neighbourhoods.

“As we continue to work on an unprecedented scope of projects that will reshape our city, it is imperative that we have someone with Bob's experience and knowledge to ensure forward momentum and that these projects keep moving,” said Mayor Bloomberg.

Leiber had previously worked with the city last year when he led a pro bono team from Lehman Brothers that advised the city on a deal with the Port Authority of New York & New Jersey and New York state officials to renegotiate the World Trade Center site lease.

Leiber is not the only former Lehman executive currently working for the city. Deputy Mayor Daniel Doctoroff was an investment banker at Lehman Brothers, specialising in merchant banking, corporate finance, mergers and acquisitions, corporate restructuring and reorganisations.